Toronto home sales plunge in June, monthly rents rose by $400: Realosophy

Toronto’s red hot housing market continues to show signs of a prolonged slowdown after new data by Realosophy Realty found another monthly sales decline, while the cost of renting surges.

Home sales in the Greater Toronto Area (GTA) plummeted by 41 per cent in June from a year ago, while prices rose by 5.7 per cent on a year-over-year basis to reach $1.2 million, the data showed. Toronto’s home sales declines hit a fresh 20-year-low for the second consecutive month, according to a tweet by Realosophy Realty President John Pasalis.

Homes in the GTA were on the market for an average of 15 days and only 39 per cent were sold for over the asking price, the Realosophy data showed.

“It’s a pretty steep and rapid decline,” John Pasalis said in an interview. “Home prices should soon come down on a year-over-year basis soon, at least for low rise homes.”